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Dream Come True!
"My children and I just recently purchased our first home, it was an exciting time but also the most stressful. Janet Jurich offered her assistance on what to look for, price range and where I should look and so on. Before I new it I'm a home owner. I would have never expected all this so fast! I can actually say it was easy. She walked us through the whole process, I always knew what was going to happen. Janet, thank you, you have made a dream come true for us. I also have made a wonderful friend."
Veach
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First Time Buyers >Your Principal Residence
The Federal Tax Code allows married taxpayers to exclude from capital gains taxes up to $500,000 in profits from selling a home (singles can exclude $250,000). In order to qualify for this exemption, you must prove that that the home has been your principal residence for at least two out of the last five years. The establishment of the home as a principal residence depends on the facts of each homeowner's circumstance. Here are two cases to consider.
Homeowner A has lived at 25 Pine Drive for 12 years. Although he stays at his vacation cottage in another town for up to three months out of each year (sometimes more), 25 Pine Drive is his principal residence, where he lives most of the time. When he sells the home, Homeowner A (filing as a single individual) can keep up to $250,000 in tax-free profit.
Homeowner B buys 108 Maple Street, intending to live there. He rents it out while waiting to sell his current home, where he has lived for six years. His principal residence sells at the end of two years. Homeowner B moves into his new house, lives there for three months, and then decides to travel. After a six-month trip, he regrets buying 108 Maple Street and sells it. Even though he has owned the house on Maple Street for over two years, it won't qualify as "owner-occupied", because he only lived in it for a few months. Thus Homeowner B is not eligible to claim the tax exemption when he sells the house on Maple Street.
Consult your tax advisor for advice about your particular circumstance.
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| Q |
Exactly how many islands are included in the group called the 1000 Islands?
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There are actually 1,864 islands in the 80-mile stretch in the St. Lawrence River, between Ontario, Canada and New York State. |
 See More Real Estate Trivia > |
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Janet Jurich, Broker Associate, Realtor
Keller Williams Realty
2206 Eastland Drive
Bloomington, IL. 61704
Phone: 309-825-2078
Fax: 309-834-3465
Email: JanetJurich@gmail.com
What makes Broker Janet Jurich a Top Expert in her area? It's easy! She has experience, knowledge, great negotiation skills and sincere dedication to her clients.
As a buyer's agent her negotiating skills are among the best. As a seller's agent she also knows the value of homes in the area and provides outstanding service to get your home sold for top dollar and shortest time on the market. Janet's in depth training includes courses such as Real Estate Practice, Financing, Real Estate Law & Escrow and Real Estate Appraisal.
Janet�s clients continually comment on her warm personality, patience and personal commitment in making their real estate transactions a pleasurable and worry free experience.    
Keller Williams Realty received the highest numerical score among full
service real estate firms for home buyers in the proprietary J.D. Power and
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evaluations measuring 7 firms and measures opinions of individuals who
bought a home between March 2009 and April 2010. Proprietary study results
are based on experiences and perceptions of consumers surveyed March-May
2010. Your experiences may vary. Visit jdpwoer.com
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